Two international firms in Venezuela have indicated that they have no plans to cease practising in the country, despite high profile exits from the troubled South American nation.
The Gazette understands that both Clyde & Co and Baker McKenzie will continue to operate and have no plans to leave. In the past year both Hogan Lovells and Norton Rose Fulbright have left.
Venezuela has been ravaged by hyper-inflation and food shortages and its currency, the Bolivar, has been rendered near worthless. Further, the US and more than 20 other nations have recognised president Nicolas Maduro’s opposition Juan Guaidó as interim president.
Hogan Lovells announced its departure from Caracas in May last year and last week Norton Rose Fulbright also departed citing ’challenging market conditions'.
Norton Rose’s base in the country was snapped up by international behemoth Dentons which said it had agreed to create Despacho de Abogados miembros de Dentons, S.C.